behavior, using both householder characteristics and collateral (house) value. Second, it empirically recognizes important … interactions between the status of the prepayment option and the influence of income and collateral constraints upon prepayment … American Housing Survey. Among the findings are the following: when the household is either collateral constrained or income …

institutional background for this effect and quantify its importance. We confirm that this form of collateral constraint has greatly … institutional changes could have neutralized the damaging effects of the collateral constraints, and we discuss why the institutions …

collateral constraint. It shows that for plausible parameter configurations, the economy has a unique equilibrium exhibiting …

economy slows, or average credit spreads widen. This contingent valuation of collateral or security, coupled with the borrower …

collateral to back financial contracts. Financially integrated countries have access to the same set of financial instruments …, and yet there is no price convergence of assets with identical payoffs, due to a gap in collateral values. Home … flows driven by collateral differences collapse following bad news about fundamentals. Our results can explain financial …